Venezuela Discusses Exiting OPEC to Deepen Relations with the U.S.

Venezuela is seriously considering a plan to exit OPEC and has begun discussions with U.S. officials, although no final decision has been made. U.S. officials envision establishing a "petroleum superpower" through a U.S.-Venezuela alliance, which would weaken OPEC's influence. Despite a significant decline in Venezuela's oil production in recent years, it is currently not subject to OPEC production limits. However, being free from potential future production quota restrictions would help Venezuela increase its output in the long term, thereby lowering oil prices. The U.S. would also be able to advance its plans regarding Venezuelan oil.

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